Linda assigns to Ben a right to receive rent payments. In terms of Linda's warranty as the assignor, the law implies which of the following?
a. that the tenant is solvent
b. that Linda actually has a right to the rental payments
c. that the tenant will actually pay
d. No warranties are implied by law in an assignment.
b
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When searching for unrecorded liabilities at the end of an accounting period, the accountant would search all of the files except
a. the purchase requisition file b. the cash receipts file c. the purchase order file d. the receiving report file
Assume Bellini Company holds the following assets at year-end and classifies as cash equivalents everything allowed by professional standards. Treasury bills (Acquired with less than 3 month maturity dates) $ 90,000 Treasury bills (Acquired with greater than 3 month maturity dates) 25,000 Commercial paper 45,000 Investment in marketable equity securities 110,000 What would be the total cash
equivalents at year-end for Bellini Company? a. $90,000 b. $115,000 c. $135,000 d. $160,000
Project acceptance is an important part of project implementation and success
Indicate whether the statement is true or false
Which of the following statements is not true?
A. An unadjusted trial balance shows the account balances after they have been revised to reflect the effects of end-of-period adjustments. B. The fiscal year is any 12 consecutive months (or 52 weeks) used by a business as its annual accounting period. C. Property, plant, and equipment are referred to as plant assets. D. An income statement reports revenues earned less expenses incurred. E. Interim financial reports can be based on one-month or three-month accounting periods.